New Delhi, Feb 8 (KNN) The Reserve Bank of India (RBI) has expanded the scope of key fact statements to encompass all retail and MSME loans, said Governor Das.

“RBI mandated certain categories of lenders to provide borrowers with key fact statements which provide details of all transactions fees, interest,” said Das.

Governor Das emphasised that this extension applies to both retail and MSME loans, offering borrowers enhanced transparency.

He further announced that a separate circular will be issued to banks, allowing them time to make necessary preparations for implementing this requirement effectively

In addition, the RBI has introduced a framework for authenticating digital payment transactions.

At the Monetary Policy Committee announcement, Governor Das outlined, “To facilitate the adoption of such mechanisms for digital security, a principle-based framework for authentication of digital payment transactions is proposed.”

Das clarified that while the RBI has not specified any particular Additional Factor of Authentication (AFA), the payments ecosystem has predominantly adopted SMS-based One-Time Password (OTP) for authentication purposes.

(KNN Bureau)